Post date: Aug 04, 2011 5:23:9 PM
Summary of business headlines: U.S. stocks tumble on economic worries, General Motors profit doubled but it faces strong second-half headwinds; Chain store sales were healthy in July but consumer confidence still weak.
USA-BUSINESS UPDATE - The market sell off resumes after disappointing news from the job market.
The number of people signing up for first time unemployment benefits fell only slightly, underscoring what many investors are saying the economy has stalled.
Even good news from General Motors may not last. The automaker's quarterly profit nearly doubled on higher vehicle prices, but analysts say the company faces a tough second half of the year as the economy sputters and Japanese rivals recover from the March earthquake.
A bright spot: retail sales at U.S. chain stores were healthy in July, as shoppers took refuge from the hottest weather in 50 years and scooped up deep discounts.
Still some stores like Gap and Kohl's reported disappointing results as consumer confidence dipped to the lowest level in more than two years.
Carmen Roberts, Reuters.